3/27/15 was down -$0.31. My hog pricing model projects that the CME Lean Hog Index on the 3/27/15 kill will shed between -0.30 and -0.60. Even though packers were bidding a bit lower, they were able to make a solid purchase at 113.0% of the moving average daily purchases.

Last week the kill was up 11.77% over the same week last year so producers seem to have plenty of hogs. The cutouts were down -1.90 meaning demand is weak. That is a wrong looking combination of high hog numbers and weak demand.

Not much else to say besides what I have already said. Now there are only 271 MMMs offered limit down. That will surely change in thenext 45 minutes as we move toward the market opening.

Best wishes,

dhm